In the event of a company being wound up, every present and past member is liable to contribute to the assets of the company as provided in section 117 of this Act.
Companies and Allied Matters Act 2020 · Part B · Chapter 20
Section 565 Liability as contributories of present and past members
Cite as: Companies and Allied Matters Act 2020, section 565
What this section means
From the guide: Modes of winding up and contributories under CAMA 2020
- In a winding up, present and past members are contributories who can be made to contribute to the assets (sections 565 and 566).
- In a winding up, every present and past member is liable to contribute to the company’s assets as section 117 provides (section 565).
Read the whole subject
Source: Companies and Allied Matters Act 2020 (Act No. 3 of 2020), Official Gazette No. 124, Lagos, 10 August 2020. General information, not legal advice.